March 2025 – FairOdds Network

March 31, 2025

Kalshi CEO says he was left with no choice but to sue New Jersey, Nevada regulators

Company's suits seek declaratory and injunctive relief to prevent agencies from “enforcing their preempted laws”.

Kalshi dramatically raised the stakes over the weekend in the battle over whether it operates a legal prediction market for sports event-based outcomes, filing lawsuits in response to the cease-and-desist letters sent by gaming regulators from Nevada and New Jersey.

In a LinkedIn post on Sunday explaining the decision to file, Kalshi CEO Tarek Mansour said prediction markets are more than simply places to trade contracts, calling them “quintessential truth machines”. He said they “mobilise the most elegant and effective properties of free financial markets towards the pursuit of unbiased truth”.

Mansour claimed filing the lawsuits against agencies overseeing two of the biggest regulated sports betting marketplaces in the US was a last resort of sorts. The post stated: “We have made every effort to engage proactively with both Nevada and New Jersey and try to educate..

March 31, 2025

Weekend Report: NZ tackles gambling influencers, plus PropSwap-Bally Bet, Ladbrokes-Chester Racecourse deals

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday.

New Zealand authorities crack down on gambling influencers

First, authorities in New Zealand have launched a crackdown on social media influencers promoting offshore online gambling websites.

According to RNZ, the department of internal affairs (DIA) has issued its first takedown notices of influencers promoting illegal operators. Those that fail to comply could face hefty fines, the DIA warned.

The New Zealand Gambling Act makes it illegal to publish an advertisement for an offshore, unlicensed gambling operator.

“We’ve been investigating this,” director of gambling regulatory services Vicki Scott said. “We will be taking actions in relation to those influencers who are very publicly and clearly breaking the law.”

Malta regulator issues illegal gambling website warning

The Malta Gaming Authority (MGA) is also strengthening its activity to tackle illegal gambl..

March 31, 2025

BVGroup moves into SaaS model with Rhino Entertainment new brand partnership

Gibraltar-headquartered BVGroup has entered into a strategic partnership with Rhino Entertainment Group to operate the latter's new global brand, Puntit.

Aimed at the global market, Rhino Entertainment’s new brand Puntit will offer customers access to both online sports betting and casino games. It will use BVGroup’s SaaS model to operate the brand using proprietary technology.

BVGroup said the link-up, announced today (31 March), marks a “significant” milestone in its expansion into software-as-a-service (SaaS).

It also owns inhouse UK brands BetVictor Casino and Heart Bingo and operates Betano’s UK offering, as well as Parimatch UK, via its platform.

The operator has started onboarding strategic partners via an SaaS framework. This allows third-party operators to run on BVGroup’s platform but also maintain full operational control of their brands.

Incidentally, Rhino, also a multi-brand operator, has become the first partner to leverage BVGroup’s SaaS model. The deal marks..

March 28, 2025

State of the Union: NJ issues cease-and-desist to Kalshi, Robinhood; Nevada RWLV fine, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Robinhood pulls NCAA contracts in NJ

On Thursday (27 March), hours before the tip of the Sweet 16, the New Jersey attorney general’s office served notice to Kalshi and Robinhood that the prediction markets allegedly facilitated “unauthorised sports wagers” within state lines. Over the first weekend of the NCAA men’s division I basketball tournament, Kalshi users placed nearly $250 million (£193.1 million/€230.8 million) on event contracts nationwide on March Madness.

Within the letter, the office made a request to the exchanges urging them to void all sports event contracts placed by New Jersey residents inside the state. The state’s division of gaming enforcement (DGE) issued the letter shortly before four regional semifinal games on 27 March. To the surprise of some prediction market insiders, Robinhood ..

March 27, 2025

Underdog tops $1 billion valuation following Series C funding round

Underdog describes the raise led by Spark Capital as the sports gaming industry's largest investment from a top-tier Silicon Valley firm.

Underdog achieved a proverbial milestone with a funding round disclosed on Wednesday (26 March), clearing a valuation of $1 billion for the first time in company history.

The $70 million Series C round values the online sports gaming company at $1.2 billion (£927.4 million/€1.1 billion), nearly tripling the valuation Underdog received three years ago. The round led by Spark Capital represents the sports gaming industry’s largest investment from a top-tier Silicon Valley venture capital firm, Underdog wrote in a 26 March press release.

“This investment fits Spark’s philosophy of backing products we love from creators we admire,” said Will Reed, a general partner at Spark Capital. “Underdog has proven they can win where it matters most: product. They’ve also shown they can attract top talent from gaming, tech and sports.”

“A real accelerator”
..

March 27, 2025

Sports Illustrated brand enters prediction market space following failed regulated sportsbook

Media brand is partnering with Galactic to launch ‘non-custodial platform’ SI Predict in Q2.

Sports Illustrated was once among the most famous names in sports media.

Times have changed and the media sphere has flattened, but there are clearly some who still believe the letters “SI” hold cachet. A news release this week announced the forthcoming launch of an SI-branded betting platform – the second such effort.

The announcement hailed the planned arrival, in partnership with Galactic, of SI Predict. It would be the latest in a line of sites/apps facilitating exchange-style wagering without state-by-state regulation.

Like Kalshi, Crypto.com, Robinhood and others offering a form of sports betting – they’re reluctant to call it “sports betting”, but the basic gist is that customers can risk money directly on sports-related outcomes – SI Predict intends to operate without procuring a licence through a state-level gambling regulator.

Instead, as Galactic CEO Stuart Stott told Bloomberg..

March 27, 2025

Brazil betting CPI chief demands further laws to restrict online gambling access

Senator Soraya Thronicke, rapporteur of the parliamentary inquiry commission (CPI) on betting in Brazil, has urged politicians to back news bills to restrict consumers' access to online gambling.

Thronicke voiced her concerns at Tuesday’s (25 March) meeting of the betting CPI, which was established in November last year amid increased concerns over the impacts of gambling, ahead of the legal online market launch in Brazil on 1 January.

On Tuesday, Thronicke called upon the congress to establish new laws to restrict the population’s access to online betting sites.

She also criticised the long delay between the initial passing of legislation in 2018 and the final approval in December 2023. Many blamed the proliferation of illegal sites during that period for ongoing concerns over betting addiction in Brazil.

“We need to make it increasingly difficult [to access online betting sites],” Thronicke said at the hearing. “We are here to make amends. We need to legislate to minimise th..

March 26, 2025

Bet365 exits Chinese sports betting market

Global online sportsbook Bet365 will cease taking bets from Chinese punters on Thursday (27 March). The UK firm will pursue a growth strategy in legal markets including the US and Brazil.

In a 19 March statement emailed to Chinese customers, Bet365 announced it will now focus on “core markets [and] regions that provide long-term sustainable revenue”.

Founded in 2001, the UK company has long occupied a grey area in China. Gambling in the People’s Republic is strictly prohibited with the exception of two special administrative regions (SARs): Macau and Hong Kong.

Even so, a 2024 Financial Times report called China a “cash machine” for the family business helmed by Denise Coates. Bet365 reportedly sought out unregulated markets as UK sports betting reached saturation.

By 2014, per Regulus Partners, China “was probably Bet365’s second largest market behind the UK”, although it kicked in less than 20% of revenue at the time.

“Mirror sites” foiled China censors

A 2022 article in Busine..

March 25, 2025

H2 data: March Madness handle to decline in 2025

March Madness handle is expected to decline this year, compared to 2024, according to estimates by H2 Gambling Capital. Here the research firm breaks down handle and GGR growth rates and how March Madness might influence them.

The March Madness NCAA men’s and women’s basketball first round kicked off last week, signalling the start of the most bet-on event in the US sporting calendar. Although the Super Bowl remains the one-off game receiving the most bets across US sports, with an estimated $1.6 billion bet on Super Bowl LIX, basketball remains over a third of overall US betting handle.

This tournament typically presents operators with a great opportunity to grow their customer base and give handle a welcome boost for the three-week period.

H2 Gambling Capital has estimated a total of 169 million bets will be placed during March Madness this year, resulting in handle for the event reaching $2.9 billion. This implies a slight decline of 1.5% from the prior year’s tournament, follow..

March 25, 2025

US sports betting revenue tracker

March 25, 2025

European gross gambling revenue tops €123.4 billion in 2024

Gross gambling revenue (GGR) in Europe hit €123.4 billion (£103.1 billion/$133.4 billion) in 2024, a 5% year-on-year increase, according to data from the European Gaming and Betting Association (EGBA) and H2 Gambling Capital.

Published yesterday (24 March), “European Gambling Market – Key Figures 2025 Edition” covers all European Union member states, plus the UK. It includes analysis of provisional data for both the online and land-based gambling markets during 2024.

Online drives gambling revenue growth

Growth was evident across online and land-based gambling activities, but the former saw the steepest increase in GGR. In total, provisional online GGR climbed 11.7% year-on-year to €47.9 billion, or 39% of total GGR for the year.

Gaming accounted for €24.6 billion of this figure, with €23.2 billion attributed to casino-type games, including slots. In total, online casino games drew 45% of all internet gambling GGR during 2024.

Online betting revenue topped €16.2 billion, of which..

March 25, 2025

Spain online gambling revenue hits record €1.45 billion in 2024

Online gross gambling revenue (GGR) in Spain increased by 17.6% year-on-year during 2024, driven by double-digit increases across both online casino and sports betting.

Total revenue for the 12 months to 31 December 2024 was €1.45 billion (£1.21 billion/$1.56 billion), a new record for Spain. This comfortably beats the €1.24 billion reported in online gross gambling revenue (GGR) during the previous year.

Data published yesterday (24 March), by regulator Dirección General de Ordenación del Juego (DGOJ), shows deposits for the year were 19.6% higher at €4.58 billion. Withdrawals were also up 19.7% to €3.15 billion as players won more while gambling online.

Online casino and sports betting records tumble in Spain

Breaking down each market segment, online casino was again the main source of revenue in Spain. Total GGR from this segment hit €730.7 million, up 17%, marking another new record for the country.

Slots generated the most revenue in this area at €472.2 million, up 22.8%. Liv..

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Monthly Archives: March 2025